How much, if any, of your social security benefits are taxable?
How much, if any, of your social security benefits are taxable depends on your total income and marital status. Generally, if social security benefits were your only income, your benefits are not taxable.
Taxpayers who receive little or no income in addition to their Social Security Benefits would typically not need to file a tax return.
You must file a 2007 tax return to receive an economic stimulus payment of $300 to $600 from the federal government beginning in May 2008. You must file by April 15,2008, so contact us now for an appointment.
If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status. Your taxable benefits and modified adjusted gross income must be computed by tax experts like Asheville Accounting
to determine whether some of your benefits may be taxable:
The 2007 base amounts are:
$32,000 for married couples filing jointly
$25,000 for single
$25,000 head of household
$25,000 qualifying widow/widower with a dependent child,
$25,000 for married individuals filing separately who did not live with their spouses at any time during the year
$0 for married persons filing separately who lived together during the year
Taxpayers filing a 2007 return to receive an economic stimulus payment from the federal government must show at least $3,000 in qualifying income. Social Security benefits are considered as qualifying income for the stimulus payments.
If you do not have a Form 1099-SSA, please contact us for additional help.